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CorCell, at the time of the purchase, was the fourth largest umbilicalcord blood bank in the U.S. Established in 1995, CorCell collects umbilicalcord blood stem cells from hospitals in all 50 states and internationally.CorCell is especially known for its strategic partnerships with healthinsurers throughout the country.
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"When we acquired CorCell, it was losing $150,000 per month. With lots ofre-engineering and hard work, the team has put the company in position to behighly successful. By streamlining CorCell's operations, we have turned itinto a profitable entity," said Matthew Schissler, CEO, Cord Blood America."We look for a continuation of this positive trend throughout 2008."
On May 20, 2008, the Company filed its Form 10-QSB with the United StatesSecurities and Exchange Commission. In this document, it is noted that theCompany posted an operational loss of $400,000. Mr. Schissler commented, "Wehave six subsidiaries under the parent Company. The operational loss camefrom losses of other business units, public Company expenses, and depreciationand amortization. Our operational loss decreased over 20% year over year.We're very excited for getting our largest business unit with the highestgross profits to achieve operational profitability first."
About Cord Blood America
Cord Blood America (OTC Bulletin Board: CBAI) is the parent company ofCorCell, which facilitates umbilical cord blood stem cell preservation forexpectant parents and their children. Its mission is to be the most respectedstem cell preservation company in the industry. Collected through a safe andnon-invasive process, cord blood stem cells offer a powerful and potentiallylife-saving resource for treating a growing number of ailments, includingcancer, leukemia, blood, and immune disorders. To find out more about CordBlood America, Inc. (OTC Bulletin Board: CBAI), visit our website atwww.corcell.com. For investor information, visit www.cordblood-america.com.CONTACT: Paul Knopick E & E Communications 949/707-5365 [email protected]
SOURCE Cord Blood America, Inc.
